[SINGAPORE] The tussle for Singaporeans' property dollar looks set
to intensify with the opening of a sales office here by Australian player
Walker Corporation and the initial launch of Princess Cove by Guangzhou-based
R&F Properties over the weekend.

Walker Corp, one of Australia's largest private developers, said
that the 1,700 square foot office in Liat Towers on Orchard Road would promote
its domestic projects and its sole project in Malaysia, Senibong Cove, which it
is developing with Iskandar Waterfront Holdings.

Group executive chairman Lang Walker told BT: "The opening of
the sales office in Singapore will be very important to our Senibong project
and it gives us a foothold in the Singapore market." But the billionaire
has no interest in developing homes in Singapore where he thinks the market is
mature and "(residential) products are very expensive".

More Singaporeans are snapping up properties across the Causeway,
where prices are sometimes one-third of that back home. Going by central bank
estimates in May, slightly more than half of real estate investments abroad
went into Malaysia last year.

-By Lynette Khoo

Top Aussie developer bullish on Johor region

Melbourne and Sydney markets 'too hot', says
Walker chairman

Source: Straits Times / Money

BILLIONAIRE
Lang Walker, founder of one of Australia's largest closely held developers,
said that home prices in Sydney and Melbourne have climbed too much, and he is
turning his focus to his investments in Malaysia.

"Sydney is a little
too hot at the moment," Mr Walker, executive chairman of Walker Corp, said
in an interview in Singapore this week.

"Melbourne has gone
through a period of intense growth and that's plateaued off."

The residential market in
Brisbane, in Queensland state, still has some potential, he said.

Dwelling prices in Sydney
jumped 14.8 per cent last month from a year earlier, the fastest growth among
all Australian state and territory capitals, according to the RP Data-Rismark
Home Value Index.

Mr Walker, with A$12
billion (S$13.9 billion) worth of planned property projects, said he is looking
to increase investments in the Johor region in southern Malaysia after putting
in about A$2 billion in the Senibong Cove project.

He is in talks for further
investments in the city of Johor Baru as he bets that demand from neighbouring
Singapore will increase, he said without elaborating.

Residents of Singapore are
crossing over to Malaysia's Iskandar region as they seek property, labour and
amenities, often at half the cost or less. Economic growth and soaring
immigration have strained Singapore's resources, making it one of the world's
most expensive places to live in.

With cheaper land plentiful
in southern Malaysia, money is pouring across the border.

Singapore has invested at
least RM11 billion (S$4.3 billion) in Iskandar Malaysia, a special economic
zone in southern Johor established in 2006 that is three times the size of the
city.

Walker is converting land,
previously used for prawn-breeding farms, into swanky apartments. The project
is expected to be valued at about A$7.5 billion along with an adjoining plot it
will develop with a Singapore-based company, Mr Walker said.

"It's the leverage off
Singapore," he said. "Singapore is very expensive. We can create and
produce a product which is similar to what you get here in Singapore or
Australia."

Walker Corp made its foray
into Asia in 2008 with a RM5.5 billion investment to develop Senibong Cove, a
waterfront residential project.

The company is developing
Australia's largest commercial project, Collins Square in Melbourne's central
business district, valued at about A$2 billion, he said.

The number of unsold homes
in Melbourne fell 11.4 per cent last month from a year earlier in an
increasingly active market and dipped 8.7 per cent in Sydney. That compares
with a national average of a 4.8 per cent decline, according to Sydney-based
researcher SQM Research.

In Australia, Walker
jointly developed The Wharf at Woolloomooloo, a A$300 million project that involved
the refurbishment of a 400m heritage wharf on the fringe of Sydney's central
business district. The development includes apartments, a hotel, restaurants
and a marina.

[SINGAPORE] The Jurong Lake gardens and a new Science Centre will
be the focal points of a makeover for the Jurong Lakeside district, Prime
Minister Lee Hsien Loong said yesterday during his National Day Rally Speech.

"There should be more to Jurong than shopping malls and
industries," PM Lee said.

The plan is to make the parks and attractions in the neighbourhood
integrated into residents' living spaces. The National Parks Board will seek
design ideas in 2015.

"Make it a people's garden," PM Lee said.

More Housing Board flats will be built in the north of the lake,
and industrial land around the Pandan Reservoir in the south could be converted
to residences as their leases run out over the next 20 to 30 years.

A new Science Centre will be built on the north of the lake near
the Chinese Garden MRT station to replace the 37-year-old attraction now
standing at the south shore of the lake. The new centre is targeted for
completion around 2020.

"It will be the jewel in Jurong," PM Lee said.

To improve traffic in the area, the Ayer-Rajah Expressway could be
moved southwards to create more space next to the lake for lakeside housing.

The Jurong Lake District has also been proposed as a possible site
for the terminus of the proposed high-speed rail line between Singapore and
Kuala Lumpur.

Singapore had earlier considered Jurong East, Tuas West and the
city centre as possible locations for the terminus and all three are still up
for consideration; PM Lee's speech narrowed the Jurong East option to the
Jurong Lake district.

The focus on the lake area of the district comes after the Jurong
Gateway neighbourhood around the Jurong East MRT station had already
experienced significant growth in the past few years with the opening of a
number of malls.

PM Lee recalled that when he visited the Japanese and Chinese
gardens in June, they looked the same as when he previously visited 30 years
ago.

The number of visitors to those attractions also pale in
comparison to other community parks such as the Bishan-Ang Mo Kio Park.

"I felt we could do so much more with the gardens," PM
Lee added.

Terence Wong, head of research at DMG & Partners, said the
speech "puts the area under the spotlight".

"Plans for improvement have been spoken of, but now it makes
the details a little more concrete. It puts interest in the western part of
Singapore," Mr Wong noted.

He said developers might now take a closer look at the area and be
willing to pay more for sites, but prices in the short term are unlikely to
change much, especially with improvement projects also expected elsewhere in
Singapore.

"Many parts also have catalysts," Mr Wong added.
"Whether it's the north and closer ties with Malaysia, Tanjong Pagar with
the waterways, or the east ... just about everywhere there's something going
on."

-By Kenneth Lim

Lakeside area
will get 'people's garden'

Source: Straits Times / Top of The News

RESIDENTS in Jurong can look forward to a more vibrant neighbourhood,
starting with an expanded Jurong Lake Gardens that will combine the existing
Chinese and Japanese gardens and Jurong Lake Park.

The upcoming "people's garden" will also include a new Science
Centre which will be completed around 2020, said Prime Minister Lee Hsien
Loong.

These plans are part of a larger transformation of the Jurong Lake
District over the longer term and are about making every corner of Singapore an
outstanding environment in which to live, PM Lee said at the National Day
Rally.

Last year's rally shone a spotlight on development plans for Changi,
Paya Lebar, Tanjong Pagar and Tuas.

This year, it was Jurong's turn.

The district has come a long way from its origins as a swamp decades
ago, said Mr Lee. The Jurong Gateway part of the area is now a new commercial
region with several institutes and shopping malls.

But the other part of the district, known as Lakeside, houses gardens
which look dated and "under-utilised", said Mr Lee, who visited them
in June. "I felt we could do much more," he added.

The entire area has potential to be transformed in an ambitious manner,
he said. For example, the lake can be reshaped and the gardens merged to
"create one beautiful set of gardens in the heartland".

And Jurong Lake Gardens can be a place where community gardeners can
create and maintain "show gardens".

The National Parks Board will call for garden design ideas next year,
and Mr Lee asked Singaporeans to chip in with suggestions.

The "jewel" of the Lake Gardens will be the new Science
Centre, which will be built on the north shore near the Chinese Garden MRT station.

Nearby flats and park connectors, as well as the spruced-up Jurong
River, will be integrated with the gardens.

Mr Lee added that the upcoming Jurong Region Line and Cross-Island Line,
together with the improved North-South and East-West MRT lines, will improve
traffic in the region.

In the longer term, the Ayer Rajah Expressway could be shifted to create
more space for lakeside housing, making it as pleasant as living near
Bishan-Ang Mo Kio Park or Punggol Waterway.

The terminus for the Singapore-Kuala Lumpur High Speed Rail may even
come to Jurong.

Said Mr Lee: "We're discussing with the Malaysians. We haven't
settled this yet, but if we get the High Speed Rail terminus in the Jurong Lake
District, then that will make Jurong a truly exciting gateway to
Singapore."

-By Charissa Yong

Jurong Lake Gardens on the cards

Prime Minister Lee Hsien Loong announced plans to
merge the Japanese Garden, Chinese Garden and Jurong Lake Park into the Jurong
Lake Gardens, which could become a "people's garden" to rival parks
like the Bishan-Ang Mo Kio Park.

Source: Channel News Asia / Singapore

SINGAPORE: A new Jurong Lake Gardens, a revamped Science Centre,
and possibly the terminus for the Kuala Lumpur-Singapore High Speed Rail -
major updates for Jurong announced at Prime Minister Lee Hsien Loong's National
Day Rally speech on Sunday (Aug 17).

Jurong has been dramatically transformed from a swamp area into
an industrial town over the years. The most notable upgrade was the Jurong
Lake District in 2008, which consists of a commercial district and a lakeside.
At the National Day Rally, Mr Lee says a more ambitious transformation is
planned to revitalise the area.

Nearby tourist attractions like the Chinese Garden and Japanese
Garden will be merged with the Jurong Lake Park to form a giant attraction
called Jurong Lake Gardens.

(Image:
NUS)

Mr Lee said authorities plan to bring community gardeners from
all over Singapore to create and look after show gardens in the Jurong Lake
Gardens. They will "make it a people's garden. Bigger than Bishan-Ang Mo
Kio Park, perhaps even better than Bishan-Ang Mo Kio Park."

But it's the new Science Centre that the Prime Minister says
will be the "jewel" in the Lake Gardens' crown. To be completed
around 2020, the centre will be located near the Chinese Garden MRT
station. This will allow the Centre to extend into Jurong Lake Gardens,
and integrate with the living environment, thereby raising possibilities of an
entirely new concept for the centre.

(Image:
URA)

Other than linking the gardens to the park connector network and
Jurong River, there are plans to build more housing and integrate them into the
Lake District. In the longer-term, Prime Minister Lee says this may mean
shifting the Ayer Rajah Expressway (AYE) southwards to create more space next
to the lake.

Mr Lee said there is also a possibility that the planned Kuala
Lumpur-Singapore high-speed rail may come to Jurong. "I've agreed with PM
Najib to build a high-speed rail between Singapore and KL. I've told PM Najib
that in Singapore - why don't we site the terminus in the Jurong Lake District?
We are discussing it with the Malaysians, we have not settled it yet, but if we
get the high-speed rail terminus in the Jurong Lake District, then that will
make Jurong truly an exciting gateway to Singapore."

To address Singapore's traffic issues, Mr Lee said improvements
will be seen within the next two years by increasing capacity of the existing
North-South and East-West lines. The additions of the Jurong Region Line and
Cross-Island Line will also help.

THE longstanding problem of frustrated residents being given the
runaround between different agencies over estate maintenance may soon be a
thing of the past.

A Municipal Services Office will be set up to get different public
agencies to work more closely together, Prime Minister Lee Hsien Loong said
yesterday.

The office will help serve residents in a more seamless way, especially
when responsibilities are split across public bodies, he said in his National
Day Rally speech. It is part of making Singapore an "outstanding
city" that is planned and run well, Mr Lee

added.

Minister in the Prime Minister's Office Grace Fu will oversee the new
office, which will be under the Ministry of National Development (MND). She
will work with MND Minister Khaw Boon Wan.

The office will coordinate multiple agencies, such as the Land Transport
Authority (LTA), PUB, National Environment Agency (NEA) and the National Parks
Board. More details will be given out later.

The move to plug the gaps between agencies comes as residents lament
that complaints and requests can bounce between several agencies instead of
being quickly resolved.

Some progress has been made on this front, "but we have not
arrived", said Mr Lee.

He cited the experience of South West District mayor Low Yen Ling, who
had to call and meet several agencies in order to find out why a walkway in
Bukit Gombak had been left dirty for some time.

She found out that a fishball stick had been left at the walkway for
more than a day because different parts of the walkway were managed by
different agencies. NEA managed the slope to the left of the walkway, while
NParks took charge of the park connector in the middle, and LTA was responsible
for the pavement on the right.

The fishball stick had fallen on the roadside to the right, which was
cleaned every two days.

The issue was eventually resolved, but the experience had been
"frustrating and difficult" for the mayor.

"Can you imagine if you're an ordinary citizen trying to solve such
a problem and running around the different agencies? It's not the way we should
be operating and we have to do better," said Mr Lee.

Bishan-Toa Payoh GRC MP Zainudin Nordin, who is a former mayor and a
former town council chairman, told The Straits Times that town councils are
responsible for managing common areas in Housing Board estates.

"There are parts inside housing estates that don't fall under the
ambit of the town council.

"People don't realise but roads, drains, bus stops are... not part
of the town council's responsibility," he said.

He welcomed the setting up of a central office, which he saw as a
"cockpit" from which to ensure that nothing falls through the gaps.

The take-up rate for the Enhanced Lease Buyback Scheme has been low so far, but analysts said this could change.

Source: Channel News Asia / Singapore

SINGAPORE: Property analysts have welcomed the extension of the
Enhanced Lease Buyback Scheme to four-room flats, noting that the option to
unlock value from their dearest asset would now be available to close to 60 per
cent of the population.

The take-up rate for the scheme has been low so far, but
analysts said this could change.

Mr Colin Tan, director of research and consultancy at Suntec
Real Estate Consultants, said the move would allow more to spend their golden
years in a place they are settled in.

“If they downsize (to a smaller flat), that means they have to
re-adjust to a new place,” he added.

Mr Chris Koh, director of Chris International, said: “We are now
reaching out to a larger group, which will definitely increase the take-up
rate.”

He also felt there was no need to extend the scheme to owners of
five-room or bigger flats. “They can always downgrade. They also have more
rooms to lease out for additional income,” he said.

Lease Buyback Scheme extended to 4-room flats

The Housing and Development Board will extend the
Lease Buyback Scheme to 4-room flats. This will enable more Singaporeans
to monetize their assets and derive a steady stream of income for their
retirement needs.

Source: Channel News Asia / Singapore

SINGAPORE: "Last year, I was your real estate agent. This
year, the real estate market is no good, I have upgraded myself, I have become
a financial planner," quipped Prime Minister Lee as he spoke on retirement
adequacy for Singaporeans in his National Day Rally on Sunday (Aug 17).

Mr Lee says Singapore has good schemes to provide assurance in
retirement - namely through the Central Provident Fund (CPF) and home
ownership. CPF members set aside the Minimum Sum when they turn 55 years old,
and it will offer a regular stream of income for them after they turn 65. The
payout will go on for as long as they live. The Minimum Sum for those who turn
55 this year is S$155,000. Mr Lee explained that the amount is "far from
excessive".

CPF members can count their homes in the Minimum Sum, meaning
they need to set aside just half of it in cash, which works out to S$77,500. Mr
Lee conducted a poll of the audience at the Rally using an example of a
fictitious couple Mr and Mrs Tan.

"I ask Mr Tan - how much do you think you will need in retirement every
month?" Mr Lee said. "What do you think? S$3,000 per month? That's
about two-thirds what he is getting now. S$2,000 per month - less than half
what he is getting now? Or S$1,000 per month?"

The majority picked S$2,000 a month. Mr Lee said this means
the Tans will need S$250,000 for their retirement needs - which is more than
the Minimum Sum. And if Mr and Mrs Tan pledged their home, the amount of
S$77,500 kept in their CPF account would only give them S$600 a
month. They would then need to find other sources of income to plug the
shortfall.

Mr Lee said there are options to achieve this, including
continuing to work, getting support from their children, tapping on savings or
getting money of out their house.

For example, he could rent out a room for S$700 a month, or move
in with his children and rent out the entire flat for S$2,500 a month.

"The third thing you could do is to 'right-size': sell this
flat and buy a smaller flat. Let's say you buy a studio apartment, you move
into the studio apartment and then in the process, you can enjoy a silver
housing bonus from the Government which is S$20,000. We can do the sums, you
get quite a lot of money - S$210,000, plus S$800 per month," explained Mr
Lee.

Another option is the Lease Buyback Scheme, which will be
extended to 4-room flats. In Mr Tan's case - if he sells the remaining lease of
35 years to HDB - he will receive a lump sum of S$27,500 in cash, plus S$900
per month.

The Lease Buyback Scheme currently covers 3-room flats and below. Mr Lee
says that extending it to 4-room flats will cover more than half of all flat
owners in Singapore.

DESPITE a growing number of calls from property players for the
Government to dismantle anti-speculative measures in the property market
("Too soon to ease property curbs, says Khaw"; Aug 5), such measures
should remain for good.

Over the years, policies to drive foreign investment and government land
sales have encouraged speculation in private property.

As a result, both locals and foreigners entered the market and pushed up
prices.

Singaporeans tend to buy property to generate income. This may work if
the economy is doing well, but in a global economic downturn like the 1997
Asian financial crisis, many will suffer irreversible damage.

Singaporeans are the most important stakeholders in our property sector,
and their needs are the same as the Government's. So the better we manage our
land, the better it is for Singapore.

A land-scarce country like Singapore could do without foreign
speculation.

We have to look at tried and tested policies worldwide to discourage
such speculation, and also divert domestic capital from property to
value-creating activities such as entrepreneurship.

For example, foreigners in Australia can resell properties only to
locals. And in Germany, there are strong laws governing tenancy so that land
and property owners cannot arbitrarily be pricemakers.

If we can change the rules of the game to discourage foreign speculation
and divert local capital away from property investments, it would be far better
than implementing reactive policies that are supposed to be removed when the
market goes down.

RECENT requests for the removal of some property cooling measures have
prompted the Government to state that the measures will stay for now ("Too
soon to ease property curbs, says Khaw"; Aug 5).

The problem is that we do not have a fixed review date for these
measures.

I suggest that a committee comprising all stakeholders review the
measures at fixed periods each year - say, every first week of each quarter.
This is similar to how the United States Federal Reserve reviews interest
rates.

Such fixed reviews will provide some certainty to the market, so
stakeholders need not keep requesting a review of the cooling measures.

Most states record drops in transactions for the
different sub-segments

Source: Business Times / Malaysia

[KUALA LUMPUR] The National Property Information Centre (Napic),
in its first-quarter numbers for this year, has confirmed reports that the
market is consolidating with transactions slowing down, The Star has reported.

Although the findings are six months backdated, the government
agency's figures, which includes both primary and secondary sales, are about as
accurate as one can get about the state of the sector, down to how many
transactions being done.

Most states recorded overall drops in the number of property
transactions for the different sub-segments, namely, residential, commercial,
industrial, agricultural, development land and others. The trend of decrease is
definitively evident, the report said.

Siders Sittampalam, president of the Association of Valuers,
Property Managers, Estate Agents and Property Consultants in the Private
Sector, told the daily that he was not surprised by the latest property data.
"It confirms what I said, that the Malaysian property market is
consolidating. It is not a slump which is characterised by oversupply and
declining prices."

[SINGAPORE] Another Chinese property developer is looking at
developing homes in Malaysia's Iskandar, unfazed by recent negative publicity
surrounding some Chinese projects there and a potential avalanche of
residential supply in the special economic zone in Johor Bahru.

Iskandar is likely the first overseas stop for Henan-based Weiye
Holdings, followed by Singapore, in the next six months - on top of the group's
expansion plans within China, according to Zhang Wei, group chairman of the
Singapore-listed company.

"We are entering talks for potential cooperation in projects
in Malaysia and Singapore," the Mandarin-speaking Mr Zhang said in a
recent interview. "Our next steps would be to look at emerging markets in
Asia where there is healthy growth in the property market such as
Myanmar."

Weiye builds residential and commercial projects in Henan province
and Hainan island. As at end-March, it has completed 13 projects with a total
net saleable floor area (NSFA) of about 955,688 square metres. It has another
six properties under development with a combined NSFA of about 627,038 sqm.